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LIC Home Loan

LIC Housing Loan 2021

Last Updated 30th Mar 2021

LIC Housing Finance is one of the most popular lender for home loan. Currently, LIC housing finance offers home loans at an interest rate beginning from 6.90%, along with a lower processing fee of Minimum ₹ 10,000 and Maximum ₹ 15,000 for fairly loan tenure of 20 to 30 years., LIC HFL provides various types of housing loan for purchase, construction, repair or renovation of a home and for plot purchase. Some of the popular home loan products offered by LIC housing finance are Loans for Purchase of Plot, Home Repair/Renovation Loan, Home Loan Top Up, Home Loan to Pensioners and Home Extension Loan.

  • Loans for Purchase of Plot - LIC HFL offers loans for the purchase of plots to resident Indians who wish to purchase a plot for undertaking construction activities. One can get LIC plot loans of up to 75% of the property value for a maximum tenure of 15 years.
  • Home Repair/Renovation Loan - LIC housing finance corporation offers home loans for the repair and renovation of a home. The loan can be avail by both salaried and self-employed individuals. A minimum of ₹ 1 lakhs can be borrowed as per this home loan product that is to be repaid between 20-30 years.
Apply for Home Loan @ 6.65%* Get upto ₹ 1,000* Cashback

LIC Home Loan Details

Age Min 21 and Max 60 years for Salaried
Min 21 and Max 65 years for Self Employed
Repayment Tenure 30 years
Interest Rate 6.90%
Interest Rate Linked To PLR
Processing Fee Minimum ₹ 10,000 and Maximum ₹ 15,000

Features & Benefits of LIC Home Loans

LIC offers home loans at affordable rates and transparent terms. One can apply for a home loan in LIC, for various purposes such as the purchase of a house or a flat, for home construction loan, home renovation loan or home extension. Some of the benefits and features that LIC home loans offer to the home loan borrowers are listed as follows:

  • LIC housing finance provides doorstep service to its home loan customers deliverd through skilled professionals.
  • LIC HFL assists its customers in choosing the right property as per their budget.
  • The home loan process with LIC housing finance is transparent as there are no hidden costs charged by the lender.
  • LIC HFL offers PAN India service to its home loan customers.
  • LIC housing finace offers various home loan schemes for different purpose such as home loans for construction, purchase, repairs, renovation of a home or for the purcahse of a plot.

LIC Housing Finance Home Loan Procedure

Getting a home loan from LIC Housing Finance is fairly easy with an online application process. A home loan can be availed from LIC Housing Finance in five simple steps:

Step 1: Visit the website, branch, or website of authorised online channel partner of LIC Housing Finance and fill in the application form with loan amount required, property details, your personal details, occupation information and your contact number.
Step 2: An official of LIC Housing Finance or online partner will call you to discuss your eligibility of the loan as well as explain the loan rates, terms as well as processing fees and other charges.
Step 3: Once you agree to proceed with the loan application, you will need to submit your income and property documents online or a LIC Housing Finance’s representative will visit your home or office to collect your documents.
Step 4: LIC Housing Finance will ask you to submit the processing fees and take a few days to conduct a credit appraisal and do technical evaluation of your property.
Step 5: If you are eligible and your property qualifies for a loan, you will be issued a sanction letter from LIC Housing Finance and will need to sign a loan agreement with the bank. Post this, the loan will get disbursed to your account.

LIC Home Loan EMI Calculator

LIC home loan EMI calculator helps the home loan borrowers plan their home loan EMIs, that is composed of the monthly interest rate, and monthly reducing balance. The calculator functions on the basic components of the principal amount, loan tenure and interest rate. LIC Home loan calculator helps the loan borrower pre-plan their home loan in advance. Apart, the results of home loan calculations that LIC Home Loan EMI calculator offers is accurate and reliable.

LIC Home Loan Eligibility Calculator

LIC Home loan eligibility calculator is an online tool that helps the LIC home loan borrowers get an estimate of their home loan eligibility. The eligibility calculator takes into consideration various factors such as the income of the applicant, age, work experience, employment and credit score. The eligibility calculator helps one analyse their ability and affordability of a home loan. You can also add a co-applicant in case your loan eligibility is lower than the amount.

Documents Required for LIC Home Loan

To apply for a home loan in , one is required to submit the following documents:

  • Home loan application form with three attested photographs.
  • Identity proofs: PAN, passport, Voter ID card or driving license.
  • Address or residence proofs: Recent copy of utility bills such as telephone, electricity bill, water bill, gas bill, or a copy of aadhar card, passport, driving license.
  • Property papers: Permission for the construction of a property; allotment letter; stamped agreement for sale; registered agreement for sale (only for Maharashtra); share certificate (only for Maharashtra); maintenance and electricity bill of the property; property tax receipt; conveyance deed in case of new property; payment receipts or LIC bank account statements of the payments made to the builder or the seller; Xerox copy of the approved plan copy and registered development agreement of the builder.
  • Bank account statements for the last six months of all bank account held by the applicant.
  • Loan A/C statement of last one year if any loan is availed previously from any other bank or another lender.
  • Income proof for salaried: Salary certificate or salary slip for the last three months; copies of form 16 of last two years; a copy of IT returns for the last two financial years that is acknowledged by the Income Tax department.
  • Income proof for self-employed: Address proof of business; Income tax returns of last three years; balance sheet and Profit & Loss A/c for last three years; business license details; TDS certificate or Form 16 A.
  • Self-employed professionals like CA or doctors, amongst others, are also required to submit the certificate of qualification.

LIC Pradhan Mantri Awas Yojana Subsidy 2021

Pradhan Mantri Awas Yojana is a home loan subsidy initiated by the Government of India to promote housing for all. The scheme offers financial help to the lower-income groups of the society who earn an income below ₹ 18 Lakh, by offering them home loans at subsidised interest rates. These income groups are EWS or the economically weaker section, LIG or the lower-income group, MIG-1 or the Middle-income group-1 and the MIG-2 or the middle-income group. A maximum subsidy of approximately ₹ 2.67 Lakh can be availed with PMAY on LIC home loans. The repayment tenure of LIC PMAY Home loan is up to 15 years. Home loan applicants who are eligible to avail the PMAY subsidy can borrow a home loan with LIC.

PMAY Eligibility

  • Middle Income Group I: The Household with an yearly income from ₹ 6,00,001 to ₹ 12 Lakh.
  • Middle Income Group II: The household with an yearly income from ₹ 12,00,001 to ₹ 18 Lakh.
  • The beneficiaries are defined as a family comprising husband, wife and unmarried children.
  • An adult earning member (irrespective of marital status) can be treated as a separate household and can avail subsidy independently.
  • In case of a married couple, either of the partners or both together in joint ownership will be eligible for a single house subject to income eligibility of the household under the scheme.
  • The beneficiary family should not own a pucca house either in his/her name or in the name of any member of his/her family in any part of India.

Compare LIC Home Loan with Other Banks

FAQs

Can I apply for an LIC home loan online?

Yes, you can apply for a LIC home loan online by visiting the bank’s official online portal for home loans or at an online marketplace like MyLoanCare.

Which is the best LIC home loan scheme?

Choosing the best LIC home loan scheme is subjective to the requirement of the home loan applicant. For instance, there are different home loan offers for the purchase, construction or renovation of a home. Thereby, choosing the best LIC home loan scheme is based on one’s needs.

Is LIC good for a home loan?

LIC is one of the best home loan lenders in the country. Currently, LIC lowest home loan interest rate is 6.65%.

How can I check my LIC home loan status?

One can check their LIC home loan status on LIC’s home loan portal under the option. ‘Application tracker’. Apart, home loan status can also be checked on the LIC mobile app

What is the eligibility for a Home Loan of LIC Housing Finance?

The eligibility to avail a Home Loan is set across the applicant’s age and income. The age of the applicant should range between 18-70 years. Further the minimum income of the applicant should be ₹ 25,000 along with a good credit score of 650 and above.

Does LIC Housing Finance Home Loan include registration fees?

Various charges charged by banks on Home Loans include processing fee, registration fee, legal and technical fee, or MODT charges. These may vary across lenders.

What is LIC Housing Finance Home Loan procedure?

You can apply for a LIC Housing Finance Home Loan by contacting the bank directly or by applying through online marketplaces like myloancare.in. Availing a loan through an online marketplace improves the chances of getting the best loan rates, low processing fees and special offers in the form of cash backs. Once you approach the bank, they will collect your documents and initiate the loan process, which includes checking your CIBIL score, property valuation, technical and legal checks on the property, eligibility calculation. The bank will give a decision on your loan based on the evaluation results. You can also apply by visiting LIC Housing Finance Home Loan apply online portal and can check your LIC Housing Finance online Home Loan status by logging into your customer account with MyLoanCare.

What is the maximum loan tenure I can opt under LIC Housing Finance house loan?

LIC Housing Finance offers you a longer tenure of 30 years to repay your loan with the benefit of paying less EMI per month.

Can I foreclose my Home Loan? What are the charges applicable?

Yes, you can foreclose your loan with Nil charges.

Can I transfer my house loan from another bank to LIC Housing Finance?

Yes, Bank gives you the facility to transfer your existing loan with a hassle-free process. Availing loan transfer to LIC Housing Finance can allow you to save interest, pay lower EMIs, and save money.

Can I club the income of my spouse with mine and apply for joint Home Loan?

You can club the income of your spouse to increase your Home Loan eligibility if the spouse is co-owner of the property or guarantor of the loan.

What is the benchmark applicable for a housing loan?

The benchmark applicable for Home Loan in LIC Housing Finance is PLR


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LIC Home Loan News - Jun 2021
  • 2021-03-30 : LICHFL to waive off 6 EMIs under Griha Varishta
    LIC Housing Finance announced that it will waive off the 6 EMIs for its customers under the home loan product, Griha Varishta. The waiver will be offered against the 37th, 38th, 73rd, 74th, 121st and 122nd EMIs when they become due, and adjusted against the outstanding principal. Griha Varishta is a product that caters to retired or serving employees of public sector insurers, central and state government, railways, defence and banks, among others.
  • 2021-03-03 : LIC Housing Finance disbursed Rs. 1,331 crore of loans via mobile app
    LIC Housing Finance reported that it disbursed RS. 1,331 crore worth loans through its mobile banking app, Homy in the last one year. The bank reported that the app facilitated 14,155 customer home loan applications since its launch on February 14 2020.
  • 2020-08-26 : LIC Housing Finance reported a net profit of Rs. 824.08 crore in Q1FY21
    LIC posted a net profit of Rs.824.08 crores for the period ended June 30, 2020, as against a net profit of Rs.424.31 crores for the period ended March 31, 2020. Further, It reported total income of Rs.4986.01 crores aided by retail loans like home, personal, gold, two-wheeler, car, along with business and mudra loans.
  • 2020-04-30 : LIC Housing Finance revised its home loan rates
    The revised rate of LIC Housing Finance for salaried individuals ranges from 7.50% to 8.70%. Further, the rate for non-salaried and professionals ranges from 7.50% to 8.85%. The revised rates are in effect from 22 April 2020.
  • 2020-01-31 : LIC Housing Finance Q3 net profit surged by 26%
    LIC Housing Finance reported an increase in net profit by 26% to Rs. 596 crores for Q3 of current FY. The Total Income stood at Rs. 4439 crores driven by an increase in home loans. Further, Net Interest Income rose to Rs. 4414 crores which was Rs. 3586 crores in the same quarter a year ago.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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